HOLLYWOOD, Md.—The project to renovate and repair Queen Anne Park Apartments in Lexington Park can move forward now that county leaders approved a payment in lieu of taxes (PILOT) deal at their regular meeting on Dec. 19.
The developer of the project, Osprey Properties, reduced their request for the PILOT deal to $200 in taxes per residential unit for the next 20 years for 102 rental units, which would cost the county $408,000 in property taxes.
The original request proffered by the county's Housing Authority asked for a tax credit that would have lasted for 40 years and cost the county just over $1 million in property taxes.
The Commissioners of St. Mary's County received the initial PILOT request with trepidation in November because of the higher costs associated with it, but seemed much more pleased with the Dec. 19 proposal and voted unanimously for it.
Brian Lopez, vice president of Osprey Properties, which will take over the aging property, said the apartment complex has suffered from years of neglect since it was built approximately 40 years ago.
"It's been poorly managed in recent years," Lopez said. "In my opinion its in deplorable condition."
The renovation should cost about $9 million, Lopez said, and the name of the complex will be changed to Patuxent Crossing.
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